Buying a New Home or Condo has been gaining momentum amongst First Time Home Buyers, Rehab Property Flippers, and Buy and Hold Cash Flow Investors.
When Buying a Home or Condo, you will want to get your loan pre-qualified first. Part of getting your home loan pre-approved is showing your income and how much house you can afford.
Watch this quick video where I interview a top loan consultant to explain the process of how to show income when getting a home loan. http://www.youtube.com/watch?v=8O0PNruU4kU
To determine your maximum San Diego mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38.
The front ratio is the percentage of your monthly income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance, and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.
These are just guidelines and they are flexible. If you make a larger down payment or have sterling credit, the guidelines are less rigid. The guidelines also vary according to loan program. FHA guidelines, VA guidelines, and Conventional Loan Guidelines all vary.
Whether you want to buy a high end home or a nice comfortable starter home, Oliver will be more than happy to assist you regardless of your budget.
Oliver Graf
Premium Service, Proven Results!
Showing posts with label Buying. Show all posts
Showing posts with label Buying. Show all posts
Monday
How to Buy a House Step 1 "Get Prequalified for Your Loan" - Real Estate Mortgage Prequal
When Buying a Property many people ask, what is the first step, Should I Get Pre-Qualified for a Loan first?
The answer is Definitely Yes! Before you start looking to purchase a new home or condo, you should review your finances, discuss your home loan options, figure out how much you can afford, and get pre-qualified. Getting Pre-qualified is a simple process thatwill put you in a much better position because you will have the confidence to move forward with a purchase and it will give you significantly more negotiating power when purchasing.
What does it take to get pre-qualified for your loan? Not as much as you might think... With a short phone conversation, we can briefly review information about your employment, debts, income, and assets. We can also look at your credit profile, discuss your down payment options, and cover the different loan programs that can work for you.
Once you get pre-qualified, your loan officer will give you what's called a Pre-Qualification Letter. This letter states that, as your loan officer, they have reviewed your finances and can get you qualified for a loan up to a certain amount. The whole process is simple and to the point,the paperwork is kept to a minimum, and generally your loan officer can provide most clients with a "Pre Qual letter" within about 15 minutes.
Once pre-qualified then you can go out and find the home or condo that catches your eye. Once you and you decide on "the one", being pre-qualified for your mortgage will do a couple of things. First, it lets you know in advance how much you can offer. Second, your real estate agent(me) wil submit your mortgage prequalification letter with your offer so that the seller knows that a lender has reviewed your situation and that you can afford the home.
It puts you in the best possible position and gives you the most negotiating power when buying a house, so make sure you get qualified in advance.
Contact me if you have any questions or need any help,
Oliver Graf
Real Estate Expert
http://www.ThinkOG.com
The answer is Definitely Yes! Before you start looking to purchase a new home or condo, you should review your finances, discuss your home loan options, figure out how much you can afford, and get pre-qualified. Getting Pre-qualified is a simple process thatwill put you in a much better position because you will have the confidence to move forward with a purchase and it will give you significantly more negotiating power when purchasing.
What does it take to get pre-qualified for your loan? Not as much as you might think... With a short phone conversation, we can briefly review information about your employment, debts, income, and assets. We can also look at your credit profile, discuss your down payment options, and cover the different loan programs that can work for you.
Once you get pre-qualified, your loan officer will give you what's called a Pre-Qualification Letter. This letter states that, as your loan officer, they have reviewed your finances and can get you qualified for a loan up to a certain amount. The whole process is simple and to the point,the paperwork is kept to a minimum, and generally your loan officer can provide most clients with a "Pre Qual letter" within about 15 minutes.
Once pre-qualified then you can go out and find the home or condo that catches your eye. Once you and you decide on "the one", being pre-qualified for your mortgage will do a couple of things. First, it lets you know in advance how much you can offer. Second, your real estate agent(me) wil submit your mortgage prequalification letter with your offer so that the seller knows that a lender has reviewed your situation and that you can afford the home.
It puts you in the best possible position and gives you the most negotiating power when buying a house, so make sure you get qualified in advance.
Contact me if you have any questions or need any help,
Oliver Graf
Real Estate Expert
http://www.ThinkOG.com
Thursday
How To Make Sure You Don't Over Pay When Buying A House
Local San Diego Realtor's and National Real Estate Speaker's Oliver Graf and Sam Khorramian reveal the secrets on making sure you don't pay too much when you buy a house or condo.
When buying a home, town house, condo, high rise unit, or an investment property, making sure you don't over pay is key.
Watch this quick video on "How To Make Sure You Don't Over Pay When Buying A House"
Some quick tips on how to make sure making sure you don't over pay when buying a house or condo.
- Be sure to throughly evaluate all the comps. Look at what is active, pending, and sold. Stay within half a mile of the subject property and only look at sold properties 3-6 months back at most.
- Drive the neighborhood and surrounding areas at different times of day so you get a feel for the "location". As they say real estate is all about "location, location, location".
-Find Out How Much the Seller Paid
-Determine the Seller's Mortgage Balance
-Look at how long (how many days) the home has been on the market.
If you have any questions feel free to contact me, Talk to you soon!
Have real estate questions? http://www.thinkog.com/
To your Success,
Oliver Graf
Wednesday
Lenders pay 6% commission on Short Sales - Great news for Realtors!
Lenders pay six percent commission on Short Sales!
6% Commision guaranteed by Fannie Mae on Short Sales!
Great news for Real Estate Agents who are working short sales…. Now companies servicing any Fannie Mae loan products can no longer force real estate agents to reduce their commissions as a condition to a short sale getting approved.
Fannie Mae stated, “Effective March 1, 2009, closing of pre-foreclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate.”
So now any agents will no longer be forced to take commission reductions to service short sales. When you submit the short sale package be sure to check in advance to see if the loan is a Fannie Mae Product.
How do you think this will affect the Short Sale process for agents?
For any help with Property Foreclosure or Short Sale questions contact:
To your success,
Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360
*** Make sure you sign up for our FREE mailing list today! ***
--
Real Estate Short Sale
Real Estate Upside down
Real Estate Short Sales
San Diego Based Real Estate Blog
To your success,
Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360
*** Make sure you sign up for our FREE mailing list today! ***
--
Real Estate Short Sale
Real Estate Upside down
Real Estate Short Sales
San Diego Based Real Estate Blog
Subscribe to:
Posts (Atom)
Posts
